Tuesday, September 13, 2016
First Step Towards Nordic Cooperation Within EdTech - One Of The World's Fastest Growing Markets
Via Business Insider: The first seed for a Nordic edtech communtiy has just been sown. Finnish xEdu, the only EdTech statup accelerator in the Nordics, is joining forces with the EdTech Sweden, the region’s major arena for education technology. That will bring a lot of Swedish startups within the sphere of influence of the xEdu accelerator, while giving xEdu access to a larger network. “We really look forward to our partnership, as we see many Swedish edtech startups with great potential. We’re interested in contributing to their growth and we see great value in creating opportunities for Finnish and Swedish edtech companies to meet. Then we can learn from each other and maek use of each other’s networks. It’s a clear win-win. We look forward to presenting the accelerator to the Swedish edtech scene. It’s the first step in building a Nordic edtech community”, says Niko Lindholm, Program Director at xEdu. The partnership will also make it easier to give edtech startups the chance to go international, by giving them easier access to both the Swedish and Finnish markets. And looking forward, a larger Nordic edtech community would make for even better opportunities. “The collaboration with xEdu, the only Nordic edtech accelerator, will build bridges between our markets, but is also a first step in supporting the companies internationally, as our common network now expands”, says Jannie Jeppesen at EdTech Sweden. Edtech is a huge global market with a lot of potential. A report by EdTechXGlobal estimates that the market will grow 17% year-on-year during the forseeable future and that it will reach the size of $252 billion by 2020, Startups writes. That makes it one of the world's top five fastst growing markets, according to Rektorsakademien Utveckling. The report appecriates the size of the global education market to $5 trillion, only 2% of which is currently digitized. Following the global trend, edtech investments in the Nordics are increasing and the international interest in Nordic innovation and educational solutions is big, according to Rektorsakademien Utveckling. Finland has achieved international renown for its excellent education system, and the country already has a strategy for edtech development and the educational system as an export product. xEdu is part of that strategy and with the new partnership with EdTech Sweden, the other Nordic countries have a chance to follow Finland's lead.